Once your home sells, you pay off the bridge loan and then apply for a new mortgage to finance just your new home. Bridge loans typically take a shorter time to process than conventional loans (a couple of weeks versus a few months) and are meant to last only a short time (often three months to a year).

How Hard Is It To Get A Bridge Loan | Woodsbayrealty – A hard money loan might be an appropriate option if you do not have a high enough credit score to secure a loan from a bank. They are generally used as "bridge" loans between construction financing and long term loans; hard money loans are often used for construction because longterm.

Purpose Of A Bridge Bridging Loan To Buy House If there’s likely to be a gap between buying your new home and getting the money from the sale of your current home, we may be able to increase your Choices home loan for a short time, or help with bridging finance. bridging finance is an interest-only loan for a short term to help bridge’ the gap when you have mortgages over two homes. 3.